Reclassification

Reclassification

In mutual funds, the act or process of changing one type of fund into another type. For example, one may reclassify a front-load fund to a back-load fund or vice versa. One of the most common types of reclassification occurs when a load fund, after a certain number of years, becomes a no-load fund. This happens because the load generally only exists for a certain number of years. The IRS does not consider reclassification to be a taxable event, even if it results in more income or capital gains.

The Authority expects to reclassify certain expenses that should have originally either offset revenues directly or increased promotional allowances including complimentary services for our patrons, employee discounts, E-coupons given to patrons, and wide area progressive payments.

The decision by the company to reclassify these costs was made on April 28 after consultation with Price Waterhouse, its independent accountants, and KPMG Peat Marwick, the accounting firm retained by Paul, Weiss, Rifkind, Wharton & Garrison, counsel to the Special Committee of the Board of Directors.

The chief administrative law judge of the Drug Enforcement Administration (DEA) recommended the DEA reclassify marijuana to a less restrictive status that would make it available by prescription to patients with multiple sclerosis or chemotherapy-induced nausea.

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